Pakistan Revenue
ISLAMABAD: The Federal Board of Revenue (FBR) on Friday directed the field formation to ensure timely disposal of pension and retirement cases otherwise the officers concerned will be responsible for any lapse. An official notification issued by the FBR stated that it is observed with serious concern that field formations while forwarding / submitting retirement […]
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ISLAMABAD: The federal government on Friday presented budget 2021/2022 and announce an increase of 10 percent in basic salary and pension of the government employees. While delivering the budget speech for the year 2021-22, Minister for Finance Shaukat Tarin announced that the increase in salaries and pensions of the federal government employees would be applicable […]
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ISLAMABAD: The finance division has made it mandatory for pensioners living abroad to submit life certificate in place of biometric verification. The ministry of finance on Tuesday issued a notification stating that through a SRO issued January 28, 2021 it was made mandatory for pensioners to ensure verification of biometric in order to receive pension. […]
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ISLAMABAD: Federal Board of Revenue (FBR) has issued procedure for officers and staff of tax machinery regarding intimation about their superannuation retirement and submission of pension papers. In supersession to Board’s earlier SOPs No. 25(20)MIR-IV/2016 dated 10.12.2020, the FBR said that while submitting the cases of retirement, pension papers and encashment of LPR for officers […]
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KARACHI: The finance division has barred opening of joint account for disbursement of pension amount. The State Bank of Pakistan (SBP) on Monday circulated instructions issued by the Finance Division regarding the payment of pension through bank accounts. The central bank pointed out BC&CPD Circular Letter No. 01 dated January 18, 2016, regarding Standard Operating […]
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ISLAMABAD: Pensioners are required to undergo biometric verification twice in a year in order to continue withdrawal of pension amount. The Finance Division on Friday issued SRO dated January 28, 2021 to notify amendments in the Federal Treasury Rules. As per the amendments, a pensioner drawing pension shall be bound to undergo biometric verification on […]
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ISLAMABAD, July 12, 2024 – In a significant move aimed at managing fiscal responsibilities, the federal government of Pakistan has launched an initiative to evaluate and assess liabilities pertaining to its retirement benefit schemes.
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ISLAMABAD: Bank account of a pensioner shall become inoperative if the person drawing pension fails to undergo biometric verification or is not drawing pension for consecutive six months. The Finance Division in a letter to the governor of State Bank of Pakistan (SBP) on Thursday informed that that if a person drawing pension fails to […]
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KARACHI: State Bank of Pakistan (SBP) has recommended increase in retirement age in order to reduce average coverage period of retirement benefits. “The increase in level of standard pension age may reduce the average coverage period of retirement benefits,” the SBP said in a report issued on Tuesday. The pension system follows two eligibility criteria […]
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KARACHI: State Bank of Pakistan (SBP) on Tuesday said that public pension expenditure in Pakistan is on the path to becoming unsustainable. The central bank prepared a study report on rising expenditures of pension which is worrisome. “ … limited fiscal space is a major reason why increasing pension spending is worrisome, improvements in the […]
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